Drop in catastrophes lifts Amlin
Amlin booked pre-tax profit of £184.5m in the six months to the end of June, compared with a pretax loss of £192m a year earlier.
Bringing further cheer to investors, the group also said it had agreed a new five-year, unsecured £300m debt facility with its lenders, replacing a £250m loan that was due to mature in September 2013.
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Hide Ad“This is a welcome return to profit and the strength of our underwriting result underlines the quality and diversity of our business,” chief executive Charles Philipps said in a statement.
Global insurers suffered losses of $116bn in 2011 after a number of natural disasters including Japan’s Tohoku earthquake led to a surge in claims.
Amlin reported an underwriting profit of £153.8m, compared with a loss of £203.8m a year ago.